Ralph Lauren Shares Rise 5% After Earnings Beat Estimates

Ralph Lauren Corp. shares rose 5.2% in Tuesday premarket trading after the luxury clothing and accessories brand reported fiscal first quarter earnings that beat estimates. Net income totaled $59.5 million, or 72 cents per share, after a loss of $22.3 million, or 27 cents per share, for the same period last year. Adjusted EPS was $1.11, beating the 95-cent FactSet consensus. Revenue totaled $1.35 billion, down from $1.55 billion and just ahead of the $1.34 billion FactSet consensus. The decline was driven by a pullback in distribution, fewer promotions, brand eliminations, and less consumer demand, the company said. Same-store sales fell 7% for the quarter. The FactSet consensus was for an 8.6% decline. Ralph Lauren expects second-quarter revenue to fall 9% to 10%. Ralph Lauren shares are down 13.5% for the year so far while the S&P 500 index is up 10.8% for the period.